Success for Nelson's ship (7)

I believe the answer is:

victory

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'ship' is the definition.
(I've seen this before)

'success for nelson's' is the wordplay.
'success' becomes 'victor' (I've seen this before).
'for nelson' becomes 'y' (I can't explain this - if you can you should believe this answer much more).
'victor'+'y'='VICTORY'

Can you help me to learn more?

(Other definitions for victory that I've seen before include "old naval vessel" , "ship" , "Successful ending to a struggle or contest" , "Opposite of defeat" , "Win" .)

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